RUTHERFORD, N.J., Jan. 5, 2015 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or "the company"), an emerging leader in DNA-based cancer diagnostics, announced today that its CLIA-certified, CAP-accredited reference laboratory has received licensure from the California Department of Health. The California Clinical Laboratory License will allow the company to provide its state-of-the art oncology testing services for patient samples from the state of California.
"Approval to provide our comprehensive oncology tests and services throughout California opens up the single largest US oncology diagnostics market to CGI, and will help accelerate our commercial growth. CGI is well positioned to continue to empower the personalization of treatment by providing our unique technologies and tests for a region that demands innovation and access to world-class medical technology," said Panna Sharma, CEO of Cancer Genetics. "Although cancer rates in the State of California are relatively stable, there is a tremendous need to improve the costs associated with patient management and therapeutic selection, and provide molecular insights that can enable earlier and more comprehensive diagnosis. We will work closely with our partners, and with our sales and commercial team, to add value for clinicians, cancer centers, and regional providers to enable better, more informed diagnosis and prognosis of cancer."
In 2014, more than 171,000 new cases of cancer were diagnosed in the State of California, representing more than 10 percent of the total cancer incidence in the United States. The company believes that its proprietary tests and complete programs for Non-Hodgkin's Lymphoma (NHL) and leukemia will be of particular benefit to California, where more than 6,800 new patients are diagnosed with NHL, and 4,300 additional patients are diagnosed with leukemia each year.
About Cancer Genetics
Cancer Genetics Inc. is an emerging leader in DNA-based cancer diagnostics, servicing some of the most prestigious medical institutions in the world. Our tests target cancers that are difficult to diagnose and predict treatment outcomes. These cancers include hematological, urogenital and HPV-associated cancers. We also offer a comprehensive range of non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals, as well as biopharma and biotech companies. Our state-of-the-art reference labs are focused entirely on maintaining clinical excellence and are both CLIA certified and CAP accredited and have licensure from several states including New York State. We have established strong research collaborations with major cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.
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Forward Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for Cancer Genetics, Inc. products and services, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, risks of cancellation of customer contracts or discontinuance of trials, risks that the transaction will not close or, if it closes, will not realize the currently anticipated benefits, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, maintenance of intellectual property rights and other risks discussed in the Company's Form 10-K for the year ended December 31, 2013 and 10-Q for the quarter ended September 30, 2014 along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics disclaims any obligation to update these forward-looking statements.
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